Nvidia Corp (NASDAQ:NVDA) stock is trading higher Friday as crucial customer Apple Inc (NASDAQ:AAPL) reported third-quarter EPS of $1.26 on revenue of $81.8 billion driven by solid Service sector growth backed by robust sales of iPhone.
Analysts, on average, estimated EPS of $1.19 on revenue of $81.7 billion for the quarter.
Apple’s fiscal third quarter is typically the slowest for the company. Analysts and experts have long credited the iPhones as a leading driver for Nvidia’s AI chips.
Meanwhile, Amazon.Com, Inc (NASDAQ:AMZN) clocked in a robust second quarter, sending the broader indexes higher.
It reported a revenue growth of 11% year-over-year to $134.4 billion, which beat the consensus estimate of $131.54 billion. The EPS of 65 cents beat analyst estimates of 34 cents.
Amazon acknowledged strength in the cloud, driven by several AI releases.
Also this week, Bank Of America Corp (NYSE:BAC) CEO Brian Moynihan snubbed the recession forecasts about the U.S., citing strength in the jobs market and robust consumer spending.
Broader index ETFs SPDR S&P 500 (NYSE:SPY) and Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) are trading in the green Friday.
Price Actions: NVDA shares traded higher by 1.57% at $452.13 on the last check Friday.
